SAN DIEGO and CALGARY, AB - Oncolytics Biotech Inc. (NASDAQ: NASDAQ:ONCY) (TSX: ONC), a company focused on immunotherapy for oncology, announced today a preliminary collaboration with the Global Coalition for Adaptive Research (GCAR). This collaboration aims to evaluate Oncolytics' product, pelareorep, in a master protocol study for metastatic pancreatic cancer.
The partnership is set to develop a seamless Phase 2/3 trial design that will assess various investigational therapies for pancreatic cancer. The study is intended to generate data that could enable registration of new treatments.
Dr. Matt Coffey, President and CEO of Oncolytics, expressed excitement about the collaboration, highlighting the potential of pelareorep and the adaptive trial design to expedite the development process and reduce costs. Dr. Meredith (NYSE:MDP) Buxton, CEO and President of GCAR, echoed this sentiment, emphasizing the significance of adaptive platform trials in advancing treatments for serious diseases like pancreatic cancer.
The collaboration builds on promising results from the GOBLET study, where pelareorep in combination with other drugs showed a 62% objective response rate in patients, significantly higher than historical controls. The GCAR trial will leverage this data and GCAR's network of clinical experts in pancreatic cancer.
GCAR, a non-profit organization, is known for sponsoring innovative trials, including master protocols and adaptive platform trials, to modernize and streamline drug development. Earlier this year, GCAR announced its plan to establish a platform trial for pancreatic cancer.
Oncolytics Biotech Inc. is developing pelareorep as an intravenously delivered immunotherapeutic agent that has shown synergies with existing oncology treatments. The company is moving toward registrational studies in metastatic breast cancer and pancreatic cancer, both of which have received Fast Track designation from the FDA.
This collaboration is based on a press release statement.
InvestingPro Insights
Oncolytics Biotech Inc. (NASDAQ: ONCY) has recently made significant strides in the development of its immunotherapeutic agent, pelareorep. With a focus on metastatic pancreatic cancer, the company's collaboration with the Global Coalition for Adaptive Research (GCAR) could play a pivotal role in accelerating the path to potential treatment registration. As investors consider the implications of this partnership, it's crucial to examine key financial metrics and expert insights provided by InvestingPro.
InvestingPro Data indicates that Oncolytics Biotech holds a Market Cap of approximately $89.58 million USD, reflecting the scale of the company in the biotech industry. Despite the company's promising clinical developments, it's important to note that Oncolytics has been operating at a loss, with an Adjusted Operating Income of -$26.42 million USD over the last twelve months as of Q1 2024. This is further evidenced by the company's negative EBITDA Growth, down by 30.95% during the same period.
InvestingPro Tips highlight that while Oncolytics Biotech does not pay a dividend, suggesting a reinvestment of earnings into R&D and business growth, the company is not anticipated to be profitable this year. Additionally, the company's cash burn rate is a crucial factor for investors to monitor, especially considering the intensive capital requirements of clinical trials and drug development.
For those interested in a deeper analysis, there are additional InvestingPro Tips available for Oncolytics Biotech. These tips provide insights into the company's financial health and future prospects, such as the balance between liquid assets and short-term obligations, and the lack of profitability over the last twelve months. Investors can explore these tips further by visiting https://www.investing.com/pro/ONCY and can benefit from an exclusive offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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